Finances Are Vitally Important

It is a true saying that you cannot get along without money. Finances are vitally important in the lives of everyone living upon the earth. There may be some places where money is not the medium of exchange, but some type of trade must be used to obtain the necessities of life.

People who do not work and earn money or who are not gifted with money must find a way to obtain funds. Most often, people work for the money they get. They are traded dollars for time and expertise. They receive pay for doing a job or some kind of service.

People sometimes beg, borrow, or steal to get what they need or the money necessary to buy the things they feel they require. Beggars on the street are not exempt from the need for money. It is something everyone needs to some degree.

Just as no one will get out of this life without trials, financial hardship may come to most people at some time in their lives. The challenge to secure funds which are not readily available can cause much stress and difficulty. Sometimes it is through no fault of their own that people suffer the consequences of not having enough money.

That is what happened to Japanese Americans during World War II when around 120,000 persons of Japanese heritage in the United States were forcibly removed from their homes on the West Coast. They were placed in what have come to be known as American concentration camps. The hastily constructed barracks and other buildings in these camps were placed in desolate and remote areas of the country. People were taken there and incarcerated, most for the duration of the war.

As soon as the bombing of Pearl Harbor happened by the Imperial Navy of Japan, Americans and immigrants of Japanese descent were immediately looked upon as the enemy. Most of those living in the United States were American citizens. Their lives were immediately thrown into chaos as their bank accounts were frozen and their livelihood was threatened. They faced extreme financial hardship as most of them lost nearly everything they possessed. Their material goods were stripped away, and financial ruin loomed as the likely consequence as they lost their jobs. Life was dark and uncertain.

After spending over three years in the unjust confinement of the camps, these people were released at the war’s end. They tried to resume their lives and tried to earn money again. Financial problems were many and extreme. Yet most persevered and eventually came out ahead.

How did they do it? They became successful because they worked hard. Although they still faced racism and discrimination after the war had ended, they did not give up. They faced many adverse financial situations and problems, but they forged ahead with determination. Future generations benefitted from their determination and hard work.

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5 Best Books on Wealth Ever Written

1. Think and Grow Rich

Originally published in 1937, this classic best-seller is undoubtedly one of the best books on wealth ever written. This book helped millions of people around the world to achieve their dreams. The author, Napoleon Hill spent a lifetime doing research on successful, wealthy and most powerful people on earth, including Henry Ford, Andrew Carnegie, Thomas Edison, John D. Rockefeller and Charles M. Schwab. In this book, Napoleon Hill revealed his wisdom of research in the form of ‘thirteen steps to riches’ that will change your life.

2. The Richest Man in Babylon

Published in 1926, this classic is considered as one of the most inspiring books on wealth ever written. Beloved by millions, this timeless classic holds the key to all you desire and everything you wish to accomplish. This is the book that reveals the secret to personal wealth. This is the book that holds the secrets to acquiring money, keeping money, and making money earn more money. Countless readers have been helped with this famous book. This book offers an understanding of-and a solution to-your personal financial problems that will guide you through a lifetime.

3. Rich Dad Poor Dad

Rich Dad Poor Dad is the single best personal finance book ever written and has been a best-seller for many years. Have you ever wanted to know why the rich get richer and the poor get poorer or why many highly educated people struggle financially all their life? Then this book will give you the answers. This book will show you how rich, middle-class and poor people spend their money. In this book, the author Robert Kiyosaki gives you some excellent advice that can change your life.

4. Secrets of the Millionaire Mind

This book has appeared on the New York Times best-seller list and was #1 on the Wall Street Journal’s business-book list. In this outstanding book, the author T. Harv Eker teaches you how to think and act like a rich person. According to T. Harv Eker if you think like rich people think and do what rich people do, chances are you’ll get rich too! Using the principles he teaches, T. Harv Eker went from zero to millionaire in only two and a half years. He believes that the key to attaining great wealth begins with thinking because thoughts lead to feelings, which lead to actions, which lead to results. A must read book on wealth creation.

5. The Millionaire Next Door

Millionaires are too often stereotyped as having extravagant lifestyles and irresponsible fiscal habits. But, the truth is more than 99% of millionaires are hard working, methodical savers and investors. In this best-seller, the authors: Thomas J. Stanley and William D. Danko reveal that most of the millionaires are remarkably frugal and careful with their money. Most of the truly wealthy in America do not live in Beverly Hills or on Park Avenue – they live next door. They are the people who own the dry cleaning business, the car dealership, the restaurant chain, the bread company, the jewelry store, the cattle ranch, the trucking company, and the plumbing supply store. Read this book to know how millionaires created their wealth.

Do I Need QNUPS?

Do I need QNUPS? If you are looking to settle abroad but want to enjoy UK pension benefits then yes you need this scheme.

QORPS and QNUPS are extremely beneficial for those who want to transfer their Pension funds from UK to another country, with the latter offering additional Inheritance Tax benefits. They are great schemes to have Offshore Investment, which gives you the option to earn better in the future. Tax benefits on the Retirement fund are the main highlights of QNUPS. So if you are planning to retire abroad then to enjoy the full benefits of your pension tax-free you need this scheme.

QNUPS has only been out for few months and it has already created huge ripples in the ocean of Offshore Investment because of its lucrative tax benefits. Even though QORPS brought in many tax benefits when introduced in the year 2006, people were still not exempt from the UK IHT. But with the introduction of “Qualifying Non UK Pension Scheme” that is taken care of.

Previously, when the UK domicile investor dies, his pension will be taxed under the IHT before being handed over to the investor’s heir. But with QNUPS, one does not have to worry about this aspect anymore. The heirs get their inheritance as a whole without hassle. Sometimes a newly formed coalition government can raise the threshold of Inheritance Tax affecting this scheme. But the implementation of this rule is unlikely to find a place in the statute book because it is highly controversial and the two sides will never agree.

Planning for IHT is one of the unique benefits that QNUPS offers, because it is fully exempted. There are a whole lot of investment options for future benefits and wide range of assets that can be transferred into this scheme. You can also engage yourself in residential property investment, but cannot pull the house that you live in into the scheme. It not only includes conventional assets but it also includes quite unusual assets like fine wine and antiques. In addition to these benefits there is no upper limit for contributions and no limit of age to stop contributions. You can keep on accumulating assets without any limit or restriction to pass them on to your heir’s tax-free.

If you have any further questions about this scheme you should consult a QNUPS adviser to rightly guide you in this regard. They have the experience and knowledge to help you make the right decision.